Ruble-based exports, energy ruble and external convertibility of ruble are mutually related processes. The demand for rubles will be ensured if some commodities, including energy agents, become available on the world market exclusively for rubles. National currency can be secured by commodities only in case this scheme is applied. Currently, our energy resources support US dollar, and the international demand for it is partly determined by the possibility of purchasing Russian goods for that slip of paper.

According to the stereotypes of today, inflation is considered to be as of right. However, global inflation is based on the money supply deceipt. G7 nations annually issue about 1 trillion new ‘hard currency’ money, backed by no commodity. Just a narrow group of experts knows this constitutes the gap between the so-called global total output and its value growth, nominated in US dollars. L. Erchard once witfully noticed that ’Inflation has never been a law of development, it has always been stupidity of fools ruling the country.’ Non-inflationary economy is based upon the money supply effected against the commodity-backed metrological background, legal prohibition of usury and the realignment of the tarriffs by the ‘natural monopolies’.

The main sources that will allow to double GDP are industry, agriculture and the real sector of production of commodities as well as services. It is high time that we crushed the murderous bank usury practicies and bring about taxation-and compensatory machinery of market regulation, which will provide the balanced development of all the sectors of the national economy; eliminate any inter-industry disproportions in prices and investments. It is time we tore the mask of the myth that insists the market by itself is all-mighty and omnipotent. Unregulated market will inevitably be adjusting itself to maximum profits, which leads to booming usury, porno-business, drug business, favoring alcohol and tobacco producers, which destroy the statehood. Well-being and prosperity should be determined by labour itself, and not by which industry one belongs to.

Victor Efimov

newspaper “Chas pik”, May 6, 2004